There's resistance at $16.60 and a lot more resistance at the 200-day in the $16.75 to $16.80 area.
The stock is in nosebleed territory above RSI 70 and I'm expecting a pullback within a day or two. However, I would then expect it to come on again and within a few attempts finally get above the 200-day.
> There's resistance at $16.60 and a lot more resistance at the 200-day in the $16.75 to $16.80 area.
How can the upwards resistance be below the annual low?
A new bold prediction by me 3-Mar-10 11:15 am
I'm going to call this morning's intraday low of $17.41 the low of the year - the only caviat being that all bets are off if Friday's jobs stats are miserable and the market as a whole really tanks.
But if that doesn't happen, I think you saw the 2010 lows this morning.
I have pretty good success with my predictions when the market isn't in a once-in-a-lifetime credit-crunch crash.
Re: Market Recognizes GAAP Earnings 26-Feb-10 11:33 am
To show you how just utterly ridiculous GAAP is, Pfizer is expected to earn only $1.03 midpoint on a GAAP basis for 2010 compared with $1.46 in 2009. Do you really think that Pfizer is really doing almost 30% WORSE this year than last given that they have WYE for a full year in 2010 versus only 2.5 months in 2009?
On the other hand, the midpoint estimate for 2012 is all the way up to $1.65. Assuming that the $1.03 for the company is already in the stock, certainly going from $1.03 to $1.65 in just two years is heady growth indeed - close to 30% a year.
If this doesn't show you how worthless GAAP is, nothing will. And investor just looking at GAAP numbers can't tell a thing about how the company's operations are really faring.
By the way, with the SOLE exception of 2009, Pfizer has never failed to get to at least EIGHTEEN times GAAP earnings. And 18 times management's $1.65 GAAP midpoint for 2012 makes this a $30 stock in 2012. Remember - 2009 was the ONLY exception regarding the stock failing to get to 18 times GAAP earnings.
You will never again see this stock below $17. NEVER!
Might keep running on up to its 200 dma, but sooner or later will probably fill the gap up from around $15.50, so IMO your risk is about 28 cents higher versus good chance of a buck lower.
I'll wait. Don't care if I miss out on it.